What size costs, turning USDC and USDT into emerging-market currencies.

Every reading, kept as taken.

Each cell reads USDC 10k, 100k and 1m, top to bottom; a dash is a size with nothing measured. A stored day is never rewritten. Download: CSV or JSON.

How each figure is measured.

• What it measures: the cost of converting USDC, and USDT, into each currency at USDC 10,000, 100,000, 1,000,000, set against a USDC 100 conversion on the same market at the same moment. It is the price of depth: how much worse a large conversion does than a small one.
• Where it is read: verified sources only, of three kinds: exchange order books, P2P markets (merchants who complete at least 95% of their orders) and on-chain exchanges for local-currency stablecoins. A source counts only after its real responses pass every verification: both sides present, spread under 5%, within 3% of the reference. Each figure states which kind of source it rests on; the sources themselves are named to API key holders.
• Which currencies: 14 African currencies, then Latin America and Asia (from method 2026-10-m3). USDT, the largest stablecoin in Africa, is read on exchange books and P2P markets at the same sizes; on-chain pools take USDC in, so pool reads are USDC only.
• P2P figures are a trade with one merchant, paid outside the exchange: counterparty and payment risk are not in the price, and each figure that uses P2P says so.
• Measured only: no provider's price, quote or survey, no published fee and no estimate enters a figure. The central-bank reference is used only as an assessment, never in a figure, so a figure holds no market movement: a book, or a pool's USDC 100 quote, more than 3% from it is dropped with its reason (a wrong token, a broken parser, an empty pool). A pool that passes is then asked for each size, and that answer is kept even when the size moves the price further, because that move is the cost being measured, up to 50% from the reference; past that, the size reads as not carried.
• Fees: a taker fee charged as a share at every size is in both the size and the small conversion, so it cancels. A pool's network fee is a fixed amount and is included at the size. Deposit, withdrawal and bank payout fees are not included.
• The figure per cell is the lowest cost of size among the reads that filled it. A size no market could carry says how much it could; a currency with no market says so. Nothing is filled in.
• Daily: read once a day at or after 10:00 UTC, in African business hours; the time of each reading is stored with it. A stored day is never rewritten.

It is the conversion only, not a payment: an exchange or a pool converts, and a licensed ramp or bank still moves the money in and out. Who pays SwapEazi, and what money cannot buy here: neutrality. Payment costs by route: the Africa Payment Cost Report. What we got wrong and changed: corrections.